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The global air handling units market exhibited a value of $12.7 billion in 2021, with a projected growth to $24.10 billion by 2031, showcasing a Compound Annual Growth Rate (CAGR) of 6.85% from 2022 to 2031.
Air handling units play a crucial role in regulating air circulation within buildings, conditioning exterior air through processes like heating, cooling, and humidification. This ensures the supply of fresh air, consisting of components such as a blower section, duct system, and heating coil or air from the building's interiors.
The surge in demand for energy-efficient solutions and heightened awareness about pollution's impact on human health are key drivers propelling the air handling units market. The need for precise temperature control in residential, commercial, and industrial settings has also fueled market growth. Factors such as urbanization and substantial investments in construction projects contribute to the expanding market. Moreover, increased consumer awareness regarding energy conservation and improved thermal comfort further augments the demand for air handling units in various construction sectors.
However, challenges such as high maintenance costs and space requirements for installation could impede market growth. On the positive side, the demand for air handling units in places like shopping malls, hospitals, hotels, and other commercial spaces is expected to offset these challenges, driving market growth during the forecast period.
Major industry players are employing strategic initiatives such as product launches and acquisitions to enhance their market position. For instance, Munters AB's acquisition of EDPAC in January 2022 aims to strengthen its presence in the data center segment and air handling systems, especially in Europe.
The COVID-19 pandemic temporarily disrupted production in the air handling units market due to lockdowns. However, as vaccinations become widespread, the market is expected to recover by the end of 2022, with companies returning to full-scale operations.
· Placement: Outdoor and Indoor
· Business: New Installation (Vertical and Horizontal) and Aftermarket
· End-users: Residential, Commercial, and Industrial
· Region: North America, Europe, Asia-Pacific, and LAMEA
The outdoor segment led in revenue generation in 2021, driven by the demand for energy-efficient products.
Asia-Pacific held the highest market share in 2021, primarily due to increased industrialization and urbanization, especially in China, India, Vietnam, and Indonesia.
The commercial segment dominated the market in 2021, with the construction of official buildings, schools, colleges, shopping malls, hotels, and commercial complexes contributing to its revenue.
Holtop, Blue Star Limited, WOLF GmbH, Swegon Group AB, VTS Group, Lennox International Inc., Johnsons Controls International Plc, Systemair AB, Trosten Industries Company LLC, Ciat Group, Stulz GmbH, Daikin Industries Ltd., Munters Group AB, Barkell Ltd., FlaktGroup, Carrier Global Corporation, Hitachi Ltd.
The air handling units market has witnessed significant demand in North America, Asia-Pacific, and Europe. Asia-Pacific is expected to experience substantial growth, driven by industrialization and urbanization in countries like China and India. Commercial construction activities remain a significant driver, with the commercial sector holding the majority market share in 2021. Various strategic initiatives, including acquisitions and expansions, by key players are anticipated to create lucrative growth opportunities in the global air handling units market.
The global air handling units market exhibited a value of $12.7 billion in 2021, with a projected growth to $24.10 billion by 2031.
The global market is projected to grow at a CAGR of 6.85% during the forecast period, 2023-2031.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65535
Published on :
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